The scorching hot used car market may finally be cooling off
(CNN)For months, used car prices have been soaring at an unprecedented rate. That has led to some strange situations, like people selling used pickup trucks for more than they bought them for a year ago and even cars with more than 100,000 miles gaining a lot in value.
But two new reports indicate that things may be starting to cool off.
Wholesale used car prices -- what car dealers pay for the cars they sell to customers -- fell in the first two weeks of July, while used vehicle inventories at dealerships increased, according to Cox Automotive.
In addition, the retail price of used cars -- the amount consumers pay -- has continued to increase, but at a slower pace over the past month, according to a separate Cox Automotive report. While it's not certain yet, Cox Automotive analysts think retail prices will start coming down over the coming weeks.
Getting all the way back to normal will still take a long time, however, said Charlie Chesbrough, a senior economist at Cox Automotive.
Used car prices have been driven to …
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